What shall I do with £300 000

[UnluckyWalnut]

I've inherited a big chunk of money. Yes I'm lucky but I don't really need it. My son, on the other hand, is in a low wage job and works extremely long hours. I'd like to help him. I could start a business with him, or help him buy a house. He'd like to run a little holiday home.

I think starting a business together is the fastest route to losing it all.

I’m not sure what kind of live-in holiday let business you could get for £300k.

Why not just give him a sizeable deposit for a house (or buy one outright).

And - always remember - make sure your own oxygen mask is attached before helping others.

Excellent advice from @MidnightPatrol

Invest it for him.

Invest it... In a house

I think I’d pass it over for a house purchase in your situation if you really don’t need it. Have you already inherited it? If not a deed of variation so it goes straight to your son would be an option. It’d never be part of your estate for inheritance tax purposes that way. If it’s already yours though, you just need to live 7yrs…

Maybe help your son with a deposit but if he is working long hours and is good with money whilst living at home with you he should already have savings.
I work long hours and its enabled me to save for a house on my own.
Put £20000 in an isa as its tax free.
Buy £50000 worth of Premium bonds. Its not brilliant in terms of prizes compared to some savings accounts but you could win one million. I think i earned about 3% in prices last year.
Put the rest in savings and pensions. My savings are earning about 4% per year at the moment.
You could invest in stocks and shares as well but I'm not brave enough to do that. I can't risk losing money as it's for a house

I was going to say give it to me. But then I read that you had a son😅.

Do not start a business ! Give him the money so he can buy a house/appartment- that is really the best thing you could do for him.

Spread it around amongst your friends and family, soon your problems will vanish into the air. No tax worries.
Plus you’ll be oh so popular.

Unless your son is still very young, I'd say first priority if you really don't need the money is to help him to buy his own home. If you intend to gift him a large sum, make sure you understand the inheritance tax implications in the unfortunate event that you die within 7 years. Presumably you have only one child? If you have more than one, you should obviously think about what is fair to both/all of them.

Op before you buy a home do stash some away in different places for him to sustain an income for him .

1. 20 grand in a stocks and shares ISA index funds broad use hargreves and landsdowne if your new to it only because the app is v good and easy to use He will have to open it.
2. put 50 into pb then next year put another 10 into the stocks ISA and 10 into a cash ISA. Leave the rest in pb.

Then put a good chunk into a sipp for him . Self invested personal pension

At least 10 grand.

He won't be able to touch it until he's at retirement age but it will grow for him

After this so whatever with it but as pp suggested buy him a property.

I'd buy a home that'll last the course and a pot for maintenance. Home is security to me.

Thank you.